Health Insurance is the best way to protector your savings and thus your retirement corpus against increasing medical costs. Even if you are covered by a health insurance plan through your employer, it is advisable to buy a separate health insurance. Do not wait to buy a separate health insurance cover for you and your dependants till your retirement as you might not be able to buy later. You should also remember that the options available decrease as your age increases and the augmentation of sum insured also becomes limited.
So, it is best to buy a health insurance policy by the age of 45 when you are healthy enough and continue to renew it for better benefits. Alternately, it is a good choice to check with your current employer if the group health insurance provided by the company can be changed into a personal policy when you retire. This is very beneficial because all the benefits of your current plan will get linked to the spate plan.
Now let us see the top 5 reasons why you should buy a separate health insurance cover before your turn 50.
- Helps to avoid rigorous tests
Insurance companies subject customers to a series of stringent medical tests before approving them a health insurance cover if they are above 50 years of age. So, it is best to buy your health cover before you near your 50s to avoid these tests.
- You will have to pay lower premiums
For people who are below the age of 50, the health insurance premiums are fairly low. You should also consider the tax benefits that come with health insurance plan. These make the cost of buying a health insurance before 50 very low considering the healthcare you can enjoy.
- Helps to cover pre-existing diseases
You should buy a health insurance policy when you are in good health. After 50, your chances of contracting a medical condition is definitely more. Insurance companies avoid people with pre-existing medical conditions or they will charge very high premiums.
- Helps to accumulate no-claim benefits
The extent of your medical insurance cover increases with every no-claim year that gets added to it. So when you buy a health insurance in your 40s, you will be able to accumulate more no-claim years. This will allow you to accumulate more benefits.
- Take the online advantage
Many health insurance companies are not ready to sell a new health insurance plan to people who are above the age of 50. Buying a health insurance is not only very easy but some companies offer some additional discounts and special offers when you buy your health insurance online. So, you will stand to lose these benefits when you wait till your 50s to buy a health insurance.